Pressance Corporation completed the acquisition of 35% stake in MELDIA Development & Construction CO., LTD..
February 12, 2024
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Pressance Corporation (TSE:3254) agreed to acquire 40.17403% stake in MELDIA Development & Construction CO., LTD. (TSE:1739) for ¥2.7 billion on October 27, 2023. MELDIA Development & Construction board approved the deal. The transaction is subject to approval of shareholders of MELDIA Development & Construction. As part of tender offer, Pressance Corporation planned to purchase 2,445,120 shares for ¥1,095 per share. Tender offer period starts on December 25, 2023 and ends on February 13, 2024. MELDIA Development & Construction established special committee consisting of five members Fumiaki Kuhori, Yoshihiko Maeda, Shigeki Higashii, Hiroki Koike, and Kazunari Konishi. SMBC Nikko Securities Inc. acted as financial advisor and Anderson Mori & Tomotsune LPC acted as legal advisor to Pressance Corporation. Tokai Tokyo Securities Co., Ltd. acted as financial advisor and Oh-Ebashi LPC & Partners acted as legal advisor to MELDIA Development & Construction.
Pressance Corporation (TSE:3254) completed the acquisition of 35% stake in MELDIA Development & Construction CO., LTD. (TSE:1739) on February 13, 2024.
Meldia Development & Construction Co Ltd, formerly SeedHeiwa Co Ltd, is a Japan-based company principally engaged in the construction business. The Company operates in four segments. The General Construction segment is engaged in the construction of apartments, commercial facilities, stores and others, and the planning and sales of apartments. The Real Estate segment is engaged in the purchase and sale of real estate, and an intermediary business for buying and selling real estate. The Real Estate Leasing Management segment is engaged in the construction management service for owned properties such as owned real estate. The Detached House segment is engaged in sales of detached houses.